Anta: Full Channel And Retail Model Reform, Full Support For Multi Brand Strategy

According to the world clothing shoes and hats net, Southwest Securities first covers.

Sports (02020), that Anta as a leading sporting goods company, net profit growth is fast.

The development situation is good, the layout and mode of sales are reasonable.

The company offered a "overweight" rating with a target price of HK $36.35.

In the first half of 2017, the company achieved a 19.2% increase in revenue and a 28.5% increase in net profit.

The company expects the company's EPS in the 2017-2019 year to be 1.18/1.34/1.51 yuan, corresponding to the dynamic P / E ratio of 23/20/18 times.

Taking into account the rapid growth of Fila and children's businesses, we gave the company 26 times earnings in 2017.

Multi brand strategic positioning is accurate, optimistic about FILA and children's brand development in the future.

Anta is well positioned to build a popular sports brand.

Anta brand is mainly targeted at low and middle income consumers. The products cover many fields such as running, comprehensive training, basketball and football, and the product line is comprehensive.

In the field of sports for different products, Anta adopts various marketing strategies, such as sports marketing, scene marketing, experience marketing, spokesperson marketing and so on, to further enhance brand awareness and create professionalism.

At the same time, Anta started this year to create personalized and differentiated store image, so as to give consumers better.

Experience and strive to improve store efficiency.

Actively cross border cooperation and grasp the trend of sports and leisure.

In recent years, sports and leisure winds have swept the world. Major brands have been promoting cross-border sports and leisure products through cross-border cooperation with celebrities and famous designers.

In addition, by continuing to promote channel expansion (to maintain the growth of more than 100 stores per store), it is expected to maintain a high growth rate of 30% in the future.

Anta has also made an overall layout of the outdoor sports market through the acquisition of Descente, Sprandi and Kolon Sport, covering all aspects of road running, skiing, mountaineering, rock climbing, cross-country and so on, bringing new revenue growth points to the company.

Anta children, as a professional sports brand for children, is located in 0-14 year old middle-income families, mainly including running, basketball, outdoor, comprehensive training and life series.

Fila children are mainly located in children aged 7-12 to middle and high income families, whose products are mainly located in leisure and fashion.

Fila children and Anta children can complement each other in the orientation of consumer groups, which helps the company to cover children's market more comprehensively.

Full channel and retail mode reform to support multi brand strategy in all directions.

Full coverage of channels, the number of shops will continue to improve.

The company has achieved full coverage in street shops, shopping malls, department stores, Oteri J and electricity providers. It is expected that the total number of stores will exceed 1 by the end of this year.

The company will also actively develop e-commerce network, the company in addition to the official website, there are Tmall mall, Jingdong, vip.com and other electronic business platform.

The company actively controls the discount of the electronic business platform, aiming at the seasonal products, and the company will ensure the same discount and time on line.

Fine management of retail business.

By using flat sales management mode and real-time monitoring system, it can better monitor the retailer's sales performance, and at the same time, it can get market consumption data faster, facilitate the analysis of consumer demand, and make more accurate ordering guidelines and supplementary forecast for retailers.

At the same time, the company has also actively promoted the pformation of the logistics mode. The new logistics center is expected to shorten the time of arrival of goods from an average of 35 days to the fastest 48 hours, so as to meet the needs of the market faster.

In addition, the company actively promotes the construction of quick response flexible supply chain. It mainly adopts the new order mode (after each order meeting, it can make up the bill for the best seller). Through the advance test marketing strategy, it improves the efficiency of the replenishment, supplemented by the structural style, and improves the merchantability of the seasonal products, so as to better cater to the market demand change and reduce the inventory pressure.

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